• The recent rally of Ripple’s XRP has been on the rise, showing signs of recovery from a significant support level.
• All eyes are currently on the release of the Hinman emails, which is expected to be a game-changer and could trigger a different market reaction.
• Analysts suggest that there might be a double-bottom formation with a target range between $50.74 and $51.44 for XRP.
Recent Rally of Ripple’s XRP
Ripple’s XRP has been on the rise, showing signs of recovery from a significant support level over the past few weeks. For the market to transition into a bullish phase in the coming months, it is crucial for a key resistance level to be surpassed.
Release Of Hinman Emails
All eyes are currently on the release of the Hinman emails, expected to be a game-changer and could trigger different market reactions. Analyst Cheeky Crypto took a closer look at recent developments in the XRP market and discussed potential future scenarios in an online video. He suggested that there may be two possible scenarios: either retracement towards $50.51-$51.74 or double-bottom formation with target range between $50.74-$51.44 which would put XRP in wave two position potentially paving way for further rally.
The price has been riding hourly 50 EMA acting as support level and remains above equilibrium area but fair value gap around $50.25 suggests possible retracement towards 50 cents while FOMO (fear of missing out) among investors due to impending release of Hinman emails has caused increased buying interest in XRP making it favorable compared to being out of it especially with recent rally; volume profiles indicate divergence with higher highs in price action & lower highs in volume..
Price At Time Of Writing
At time writing, XRP is trading at $0.53 and up by more than 2% last 24 hours
The release of Hinman documents could have major implications for Ripple’s XRP if followed by “buy the rumor, sell the news” pattern or if triggers different market reaction which remains unclear until its official release; however current analysis suggest possible double-bottom formation with target range between$50.74 -$51